20187113.8Askoy Ltd2018630

		Askoy
	18	80 000
	82000	45000
	$ 262 000	$ 125 000
	88 000	27000
	2
	$ 108 000	$ 37 000
	$ 370 000	$ 162 000
	15
	4	25000
	55 000	42000
	19	100 000
Accumulated depreciation	(65 000)	(15 000)
Total assets	$370 000	$162 000

All identifiable assets and liabilities of Askoy Ltd were recorded at fair value as at 30 June 2018 except for the following:

	Carrying amount	Fair value
Land Plant (cost $100 000)	$42 000 $85 000	$45 000 $90 000

The plant is expected to have a further useful life of 5 years. The dividend payable at 1 July 2018 was paid in October 2018. A dividend of $15 000 was declared on 30 June 2019 out of profits earned before 1 July 2018. The company tax rate is 30%.

Required:

(a) Complete the acquisition analysis and prepare the consolidation worksheet journal entries, the consolidation worksheet and the consolidated statement of financial position for Stavanger Ltd and its subsidiary Askoy Ltd as at 1 July 2018. (27 marks)

(b) Prepare the consolidation worksheet journal entries for the preparation of consolidated financial statements for Stavanger Ltd and its subsidiary Askoy Ltd as at 30 June 2019. (8 marks)